Barclays Zimbabwe profit trebles

Barclays Bank Zimbabwe reported a 191 percent increase in net income to $9.5 million in the half-year to June from $3.3 million reported in the comparable period last year on increased income.

Basic earnings per share improved to 0.44 cents from 0.15 cents in the same period in 2016, as all income lines showed improvement on prior year.

Total income rose by 38.6 percent to $35.05 million from $25.3 million achieved in the comparable period last year, driven by growth in both interest and non-interest income.

Net income grew by 15 percent to $10.04 million while non-interest income rose 13 percent to $15.5 million in the same period.

Operating expenses increased to $21.97 million from $20.3 million incurred in the same period last year, owing to higher administration and general expenses.

Total deposits increased to $390.6 million from $280.4 million previously, while loans and advances to customers fell to $113.5 million from $126.5 million recorded in the same period last year.

Core capital as at June stood at $66.9 million.

The central bank has set a $100 million capital threshold by December 2020.

The bank’s liquidity ratio increased to 79 percent from 61 percent last year, above the regulatory limit of 30 percent, while its capital adequacy ratio at 25 percent is above the regulatory limit of 12 percent.

The bank did not declare a dividend.- The Source

(100 VIEWS)